Startup Speed Leasing LLC is gearing up to launch its dealer portal, shortly after it launches operations on March 1, Partner Hasham Malik told Powersports Finance.
Speed Leasing, funded by an undisclosed Miami-based private equity firm, plans to have its dealer agreements in place by the end of March and start underwriting leases by April 1, Malik said. “We are capitalized enough to write — over the next two years — in excess of 5,000 leases,” he added.
The powersports lease provider’s website is under construction, but expected to be completed within two weeks. However, Speed Leasing is making the dealer portal its top priority. “That’s where I have my IT focusing,” he said. “The website is secondary. My hope is that by the first week of March, my team gets out and signs dealers, and then by the second week we will have the initial dealer portal up — which will have a reasonable user interface for dealers. Then a finalized, and hopefully very useful and workable, dealer portal will be up by the end of March or beginning of April. There’s only so much you can have the IT team do at one time.”
Pompano Beach, Fla.-based Speed Leasing finances Harley-Davidson motorcycles, 10 years old or newer, for consumers with Ficos as low as a 500.
The company will offer leases in Florida, Texas, North Carolina, and South Carolina to start, but plans to expand “as quickly as possible,” moving through the southeast into additional states.